The trial balances before and after adjustment for Oriole Company at the end of its fiscal year are presented below. ORIOLE COMPANY Trial Balance August 31, 2022     Before Adjustment   After Adjustment     Dr.   Cr.   Dr.   Cr. Cash   $10,000       $10,000     Accounts Receivable   9,000       10,000     Supplies   2,500       500     Prepaid Insurance   3,800       2,500     Equipment   14,300       14,300     Accumulated Depreciation—Equipment       $ 3,500       $ 4,400 Accounts Payable       5,700       5,700 Salaries and Wages Payable       0       1,400 Unearned Rent Revenue       1,500       800 Owner’s Capital       16,200       16,200 Service Revenue       33,800       34,800 Rent Revenue       11,000       11,700 Salaries and Wages Expense   16,900       18,300     Supplies Expense   0       2,000     Rent Expense   15,200       15,200     Insurance Expense   0       1,300     Depreciation Expense   0       900         $71,700   $71,700   $75,000   $75,000 (a)     Prepare the income statement for the year. ORIOLE COMPANY Income Statement choose the accounting period                                                                        select an opening name for section one                                                                                enter an income statement item $enter a dollar amount        enter an income statement item enter a dollar amount           select a closing name for section one                                                                          enter a total amount for section one select an opening name for section two

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The trial balances before and after adjustment for Oriole Company at the end of its fiscal year are presented below.

ORIOLE COMPANY
Trial Balance
August 31, 2022
   
Before
Adjustment
 
After
Adjustment
   
Dr.
 
Cr.
 
Dr.
 
Cr.
Cash
  $10,000       $10,000    
Accounts Receivable
  9,000       10,000    
Supplies
  2,500       500    
Prepaid Insurance
  3,800       2,500    
Equipment
  14,300       14,300    
Accumulated Depreciation—Equipment
      $ 3,500       $ 4,400
Accounts Payable
      5,700       5,700
Salaries and Wages Payable
      0       1,400
Unearned Rent Revenue
      1,500       800
Owner’s Capital
      16,200       16,200
Service Revenue
      33,800       34,800
Rent Revenue
      11,000       11,700
Salaries and Wages Expense
  16,900       18,300    
Supplies Expense
  0       2,000    
Rent Expense
  15,200       15,200    
Insurance Expense
  0       1,300    
Depreciation Expense
  0       900    
    $71,700   $71,700   $75,000   $75,000

(a)

 
 
Prepare the income statement for the year.

ORIOLE COMPANY
Income Statement
choose the accounting period                                                                       
select an opening name for section one                                                                       
   
    enter an income statement item
$enter a dollar amount 
 
    enter an income statement item
enter a dollar amount
 
        select a closing name for section one                                                                       
 
enter a total amount for section one
select an opening name for section two                                                                       
   
    enter an income statement item
$enter a dollar amount 
 
    enter an income statement item
enter a dollar amount
 
    enter an income statement item
enter a dollar amount
 
    enter an income statement item
enter a dollar amount
 
    enter an income statement item
enter a dollar amount
 
        select a closing name for section two                                                                       
 
enter a total amount for section two
select a closing name for this statement                                                                       
 
$enter a total net income or loss amount 
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prepare the owner’s equity statement for the year.

ORIOLE COMPANY
Owner’s Equity Statement
choose the accounting period                                                                       
select an opening name                                                                       
$enter a dollar amount 
select between addition and deduction                                                                       : select an item                                                                       
enter a dollar amount
select a closing name                                                                       
$enter a total amount 
 
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